技术并购、技术创新绩效与盈余持续性

摘要选择2009—2017年中国高科技产业A股上市公司的并购事件作为研究对象,以技术创新绩效的中介效应为视角,考察技术并购对收购公司盈余持续性的影响,同时检验技术创新绩效的中介效应是否受到收购公司成长潜力的调节影响。研究发现:技术并购能够显著提升收购公司的盈余持续性;技术并购显著提升了两维度的技术创新绩效,且通过技术创新绩效中介效应的传导,进而提升收购公司的盈余持续性。技术创新绩效的中介效应还受到收购公司成长潜力的调节,收购公司的成长潜力越大,技术创新绩效与盈余持续性的关系也越强。研究揭示了技术并购通过技术创新绩效路径对盈余持续性的影响机制及作用机理。

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	杨青
	周绍妮

关键词：技术并购技术创新绩效盈余持续性收购公司成长潜力

Abstract： Taking the M & A events of A-share listed companies in China's high-tech industry from 2009 to 2017 as the research object, and from the perspective of the intermediary effect of technological innovation performance, this paper examines the impact of technological M&A on earnings persistence of acquiring companies, and tests whether the intermediary effect of technological innovation performance is affected by the growth potential of acquiring companies at the same time. The study finds that technology mergers and acquisitions can significantly enhance the earnings persistence of acquiring companies and obviously improve the two-dimensional technological innovation performance. In addition, the mediating effect of technological innovation performance is also regulated by the growth potential of acquisition companies. The greater the growth potential of acquisition companies is, the stronger the relationship between technological innovation performance and earnings persistence is. This paper reveals the influence mechanism and action mechanism of technology M&A on earnings persistence through the mediating effect of technology innovation performance.

Keywords： Technology Mergers Acquisitions Technology Innovation Performance Earning Persistence Growth Potential of Acquired Companies

收稿日期 2020-10-13; 接受日期 ;

基金资助:国家社会科学基金项目 (17BGL074);2019年江西省教育厅科技项目(GJJ190334);2018年江西省教育规划重点项目(18ZD027)

作者简介: 杨青(1980-),女,江西南昌人,北京交通大学博士研究生,华东交通大学讲师,主要从事技术并购与企业创新研究;周绍妮(1972-),女,山东烟台人,教授,博士生导师,主要从事企业并购与公司治理研究。

引用本文:

杨青, 周绍妮.技术并购、技术创新绩效与盈余持续性[J]. 经济经纬, 2021,6: 113-121

YANG Qing, ZHOU Shaoni.Technology Mergers & Acquisitions, Technology Innovation Performance and Earnings Persistence[J] Economic Survey, 2021,V38(6): 113-121

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2021/V38/I6/113

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